Digital asset venture capital firm Dragonfly has acquired cryptocurrency investment fund MetaStable Capital, according to Bloomberg.
This company has invested in Ethereum, Avalanche, Cosmos, Starkware, NEAR and Algorand.
The exact amount of the acquisition was not disclosed to the official. Dragonfly added that the acquisition was rebranding, renaming it MetaStable, dropping "Capital", and using a new logo.
Qureshi, a former partner at MetaStable, said that:
“The bear market has caused a lot of traditional funds and crossover funds to exit the crypto market. We’re the opposite: we’re going deeper, and committing to our crypto-native roots.”
By 2022, $17 billion in VC cryptocurrencies and +1k deals have flowed into the crypto market. This year has the highest median deal size, with the highest funding raised at $4.5 million.
Qureshi explained that DragonFly Capital has grown much from its previous size and believes that traditional VCs will eventually return.
Recently, DragonFly...
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